MYR Group, Inc. (NASDAQ:MYRG) Receives Consensus Rating of "Moderate Buy" from Analysts

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the five ratings firms that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $189.80.

MYRG has been the topic of several research analyst reports. The Goldman Sachs Group raised their price objective on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Robert W. Baird raised their price objective on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. KeyCorp raised their price objective on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Stifel Nicolaus set a $210.00 price objective on MYR Group in a research note on Monday, August 4th.

Hedge Funds Weigh In On MYR Group

A number of large investors have recently added to or reduced their stakes in MYRG. Maseco LLP bought a new position in MYR Group during the 2nd quarter worth about $28,000. Quarry LP grew its holdings in shares of MYR Group by 190.4% in the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock valued at $31,000 after acquiring an additional 179 shares in the last quarter. MAI Capital Management grew its holdings in shares of MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider's stock valued at $33,000 after acquiring an additional 56 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of MYR Group in the 2nd quarter valued at about $34,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of MYR Group in the 2nd quarter valued at about $34,000. Institutional investors own 88.90% of the company's stock.

MYR Group Trading Down 3.0%

Shares of NASDAQ MYRG traded down $5.61 during midday trading on Monday, reaching $181.03. 153,965 shares of the stock were exchanged, compared to its average volume of 213,859. The business has a 50-day simple moving average of $182.11 and a two-hundred day simple moving average of $149.61. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 37.79 and a beta of 1.17. MYR Group has a 12 month low of $86.60 and a 12 month high of $220.01. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping the consensus estimate of $1.56 by $0.14. The business had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%. The firm's revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.91) EPS. As a group, equities research analysts expect that MYR Group will post 1.16 EPS for the current year.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.